Public Storage.
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −2.98%.
Did PSA Beat Earnings? Q4 2025 Results
Public Storage delivered a beat on both top and bottom lines in Q4 2025, with earnings per share of $2.60 topping the $2.49 consensus by 4.38% and revenue of $1.22 billion edging past estimates by 0.41%, up 3.3% year over year. The headline GAAP EPS figure, however, reflected a 19% decline from the year-ago period, almost entirely attributable to a $122.82 million foreign currency gain recorded in Q4 2024 that did not recur, a distinction management was quick to draw. The more meaningful operating metric, Core FFO per share, rose 1.2% to $4.26, underscoring steady operational performance even as Same Store NOI margin compressed to 75.2% from 76.2% amid a 7.8% spike in property taxes. Offsetting softer same-store results, the company's non-same-store portfolio of 606 properties posted 18.7% revenue growth, powered by an aggressive $945.60 million full-year acquisition program. The quarter also brought a notable leadership transition, with CFO Tom Boyle set to succeed retiring CEO Joe Russell in April 2026. Looking ahead, <a href="https://247wallst.com/investing/2026/01/13/raymond-james-analysts-best-picks-could-explode-again-in-2026-4-red-hot-dividend-stocks/">dividend-focused investors</a> will note that 2026 guidance calls for Core FFO per share of $16.35 to $17.00, with Same Store NOI growth projected between -3.9% and -0.5%.
- Strong existing customer performance paired with solid new move-in execution drove year-end occupancy improvement of 0.5% year-over-year
- Non-Same Store pool revenue grew 18.7% and NOI grew 20.0% in Q4
- Realized annual rental income per occupied square foot increased 0.2% year-over-year to $22.53
- Positive Same Store revenue growth achieved in 56% of markets by revenues, up from 49% in Q4 2024
- Same Store NOI margin of 78.4% before indirect costs
“Public Storage's fourth quarter results reflect differentiated strategies that continue to drive our performance. As industry fundamentals stabilize, new competitive supply declines, and acquisition market activity increases, we are well-positioned to capitalize on the opportunities ahead. With the launch of PS4.0, we are building on that foundation by elevating the customer and employee experience, accelerating value creation, and unlocking the next phase of long-term growth for Public Storage.”
Public Storage CEO, on the earnings call
Forward Guidance & Outlook
For full-year 2026, Public Storage guides Same Store revenue growth of -2.2% to 0%, Same Store expense growth of 1.5% to 2.8%, Same Store NOI growth of -3.9% to -0.5%, Non-Same Store NOI of $335 million to $355 million, and Core FFO per share of $16.35 to $17.00. The company noted that industry fundamentals are stabilizing, new competitive supply is declining, and acquisition market activity is increasing.
PSA YoY Financials
PSA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.